The Uptake of Blockchain Technology

Ever heard of Bitcoin? It’s a digital currency that has been sending shockwaves through the financial investment markets ever since it was launched in 2008 by Satoshi Nakamoto. The concept, to many, is difficult to understand, but its rise in value over the last few years and the number of people trading it has made many others prick up their ears.

Bitcoin relies on Blockchain technology in order for it to work. Blockchain is basically a digital ledger that records all the Bitcoin transactions, in a linear fashion, as they occur. Blockchain technology means that so called “trustless” transactions of Bitcoin can be made digitally and without the need for institutions, such as banks to enforce these transactions.

This of course raises a myriad of legal issues that larger legal companies are currently looking over, though as of yet, they have not been fully addressed. Nevertheless, Bitcoin is being traded as a digital currency on the markets and is being used to purchase goods from merchants who accept it.

Video: The Blockchain Explanation by Standard Chartered Bank.

Bitcoin and Blockchain technology is being adopted by a growing number of counties and businesses. Japanese e-commerce and internet giant Rakuten have recently opened a Blockchain lab in Northern Ireland with sole purpose of developing Blockchain applications for use in e-commerce and financial technology (fintech).

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